Blog

NATIONAL WRITE A BUSINESS PLAN MONTH

Business Plan Month

NATIONAL WRITE A BUSINESS PLAN MONTH

Write your plan—or tweak it— to prepare for the new year.

A business needs a roadmap to find its path to success—and that’s why business plans are so important. They define the business’s objectives and how it plans to achieve its goals. December is National Write a Business Plan Month, which makes now the perfect time to get started.

If you’re thinking of starting a business, develop your plan first. If you want to improve your current business and/or help it adapt to changing circumstances, create a new plan that reflects the opportunities and challenges you may face in 2023—which will be here before you know it.

History of National Write a Business Plan Month
After the U.S. Small Business Administration (SBA) was created in 1953, it created National Write a Business Plan Month to help small businesses plan and finance their business efforts. Thanks to those efforts, there are now a lot of resources available to help you get started—and get finished—writing your new plan.

Business plans have been around a long time, but the person most often credited with inventing the modern business plan is Pierre Samuel du Pont de Nemours, who was born in Paris in 1739. Before he moved to the United States with his family during the French Revolution, he and a son wrote letters to potential investors and shared their business plan for an American gunpowder mill. The plan inspired investors to provide financial support, and the business that began as a mill in 1802 is now known simply as DuPont, with approximately 28,000 full-time employees in 2021.

How to observe National Write a Business Plan Month
Whether you are a first-time entrepreneur or a seasoned business professional, National Write a Business Plan Month is a great time to organize the ideas that inspire you and consider how you can incorporate them into a new or updated business plan. Are you just starting out? Do you want to expand your reach, get funding, and learn more about your competition?

Writing a business plan makes you ask yourself hard questions—and search for the answers. These are just a few of the reasons
why creating and/or updating a business plan can help you improve your focus and grow your business. If you’re not familiar with the process, it may seem daunting— but there are plenty of helpful resources online with lessons, videos, webinars, and free, downloadable templates for creating or modifying your business plan. Online sources you should definitely check out include the SBA’s Learning Center, and SCORE, which offers a template gallery for business planning and financial statements. NerdWallet also provides step-by-step instructions for writing a business plan on its website, and LinkedIn Learning offers a course about creating a business plan.

After you’ve gathered the information and/or templates you need, take these steps:

ƒ Create or update your business plan. Business plans typically fall into one of two categories

ƒ Traditional plans are very detailed and comprehensive, taking more time to write. They include an executive summary, products and services, business goals, marketing analysis, marketing and sales, structure and management, financial information and more. Potential lenders and investors are more likely to ask for this plan.

ƒ Lean startup plans are high-level focused plans containing key elements only, and are usually only one page.

ƒ Post on social media that you’re creating or updating your plan, and use the hashtag #WriteABusinessPlanMonth. Include a brief overview of your business plan, and invite others to write their own business plan and share information about it. This will also help to draw attention to your business when you are ready to launch.

ƒ Set micro-goals to make the entire process less daunting. For example, you could set a time frame to complete each portion of the plan.

ƒ Tell a mentor or colleague that you are creating or updating your business plan. This could inspire them to update or write their business plan—and also adds some accountability to the process. Check in with them and update date them on your progress.

ƒ Get a reliable proofreader to review your plan. Grammatical errors or typos reflect poorly on you and your business, so ask
someone whose editing skills you respect to review your plan and mark any error you may have missed. Correct any errors before sharing your plan.

ƒ Share a post on social media when you’ve finished the new plan. This would also be a great reason to celebrate with your team
and/or stakeholders.

When you’re done with your business plan, you have another reason to celebrate the New Year! Make a note to renew it again in
2023, and give yourself another reason to celebrate.

 

Thanks for checking out the blog. 

Joe Breslin , CFP®

 

 


This material is for general information only and is not intended to provide specific advice or recommendations for any
individual. There is no assurance that the views or strategies discussed are suitable for all investors or will yield positive
outcomes. Investing involves risks including possible loss of principal.

This material was prepared by LPL Financial.   Securities and advisory services offered through LPL Financial (LPL), a registered investment advisor and
broker-dealer (member FINRA/SIPC). 
Insurance products are offered through LPL or its licensed affiliates. To the extent you are receiving investment advice from a separately registered independent investment advisor that is not an LPL Financial affiliate, please note LPL Financial makes no representation with respect to such entity.

 

Securities and insurance offered through LPL or its affiliates are:

 

Share This Article

Facebook
Twitter
LinkedIn

You May Also Like

Asset Protection in Estate Planning

You’re beginning to accumulate substantial wealth, but you worry about protecting it from future potential creditors. Whether your concern is for your personal assets or your business, various tools exist to keep your property safe from tax collectors, accident victims, health-care providers, credit card issuers, business creditors, and creditors of others.

Read More »

Estate Planning: An Introduction

What estate planning means to you specifically depends on who you are. Your age, health, wealth, lifestyle, life stage, goals, and many other factors determine your particular estate planning needs.

Read More »

Taking Advantage of Employer-Sponsored Retirement Plans

Employer-sponsored qualified retirement plans such as 401(k)s are some of the most powerful retirement savings tools available. If your employer offers such a plan and you’re not participating in it, you should be. Once you’re participating in a plan, try to take full advantage of it.

Read More »

Properly Insuring Your Business

No matter how careful you are in running your business, accidents happen. And no matter how big or small your business, you’ll have to plan for these and other risks if you want your business to thrive. One way to do this is with insurance.

Read More »

Funding a Buy-Sell Agreement with Life Insurance

As a partner or co-owner (private shareholder) of a business, you’ve spent years building a valuable financial interest in your company. You may have considered setting up a buy-sell agreement to ensure your surviving family a smooth sale of your business interest and are looking into funding methods. One of the first methods you should consider is life insurance.

Read More »

Transferring Your Family Business

As a business owner, you’re going to have to decide when will be the right time to step out of the family business and how you’ll do it. There are many estate planning tools you can use to transfer your business. Selecting the right one will depend on whether you plan to retire from the business or keep it until you die.

Read More »

Don't Miss Anything

Stay up to date with our monthly newsletter.